Stainless Steel Continued to Weaken

On September 13, according to SMM research, the spot price of stainless steel continued to weaken today, and the market continued to plunge sharply during the day. The market sentiment was panicked. The spot transactions in Wuxi and Foshan during the day were relatively bleak. The market quotations of 304 cold and hot rolled products were lowered several times. It fell by about 100 yuan/ton the day before, and the actual profit margin is still large. The current wait-and-see mentality in the downstream is strong, and stainless steel prices are expected to remain weak in the short term. In the morning of that day, the price of 304 cold rolled steel in Wuxi area was 15,400-15,700 yuan/ton. The price of 304 hot rolled steel in Wuxi area is 14,800-14,900 yuan/ton. The price of 316L cold rolled steel in Wuxi area is 26,700-28,300 yuan/ton. The price of 201J1 cold rolled steel in Wuxi area is 9100-9250 yuan/ton. The price of 430 cold rolled steel in Wuxi area is 8600-8650 yuan/ton. SHFE10: The contract price of 30-minute SS2310 is 15,585 yuan/ton, and the spot premium of Wuxi stainless steel is 85-385 yuan/ton. (Spot trimming = raw edge + 170 yuan/ton).

Written by SMM Nickel Research, if you have any questions about the nickel market, please don't hesitate to talk with me Fancyli@smm.cn